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Best Practices

5 Third Party Risk Resolutions for 2019

Jan 9, 2019 by Branan Cooper

 If you’re like us, then you’ve probably set some resolutions for yourself in the new year.

Often times we hear resolutions like “I’m going to go to the gym more” or “I’ll be better about budgeting” but what about resolutions related to our every day work as third party risk professionals?

5 Third Party Risk Resolutions

Here are five 2019 third party risk resolutions that we’d like to share with you:

  1. Cybersecurity is definitely a hot button topic right now. This year, we will make it a goal to continue to verify our organization’s security testing, employee security training, confidentiality agreements and incident detection and response plans are all up to par.

  1. Another area of focus that is becoming increasingly prevalent is fourth parties. It’s our goal to ensure that we are as organized as possible regarding fourth party oversight. 

Quick tip: A good start is to develop a matrix that includes the following:

  • Who your third party is
  • Who your fourth party is
  • A description of the relationship between your third and fourth party
  • A list of fourth parties who have a relationship with more than one of your third parties

3. Our third resolution takes into account internal and external communication. In 2019, it’s a priority of ours to make sure the lines of communication remain open department-to-department internally, and externally with customers and vendors.

4. We’ll continue to perform thorough due diligence. Performing due diligence should never be a check-the-box mentality. Due to this we’ll continue to utilize the best subject matter experts to analyze documentation and provide extensive reviews.

5. We’ll engage in third party risk opportunities and learn as much as possible. This means staying atop new regulations, attending industry conferences and educational webinars.

Cheers to a successful new year!

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Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan leads the Venminder delivery team as the third party risk management subject matter expert in residence. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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